$2,000,000 Bank Guarantee
The Situation
Client needed funds for a deposit of a substantial development property they were buying.
The Solution
NWC Finance utilised one of the client’s investment properties as security. The client needed more money than the LVR allowed on the property. NWC finance where able to secure the additional monies via a bank guarantee from the bank.
The Outcome
The client was able to secure their development property and re-finance the NWC Finance facility via a top tier lender.
Bridging finance for $7,400,000
The Situation
A client contacted NWC Finance to assist with urgent funds to assist with the settlement of a block of units located in Sydney. Due to time restrictions, mainstream lenders could not assist in the required timeframe. A bridging finance solution was required.
The Solution
NWC Finance settled via a first mortgage over the block of units in 4 business days, allowing the client to meet their settlement deadline and not miss out on the purchase, lose their deposit and possibly be sued if the units sold for less than their purchase price.
The Outcome
The borrower managed to complete the acquisition and refinance to a long-term facility within 4 business days.
$2.1M Urgent Cash Out
The Situation
NWC Finance was approached to assist with an urgent cash out requirement for the purchase of stock. The borrowers were in a distressed state as they were going to lose the stock unless payment was made within 3 days. The clients had a strong asset portfolio and limited cash flow to assist with their purchase of stock.
The Solution
Within 2 days, NWC paid out the first mortgage against the borrower’s commercial building and their residential property to raise the extra funds required and assist with their purchase of stock.
The Outcome
Stock was purchased on time and the client’s business continued to operate profitably. The clients exit strategy was a combination of sale of purchased stock and refinance. At the maturity of the term, NWC debt was paid through their business cash flow, from the sales and refinance to a tier one lender.
$15M Cross Collateralisation
The Situation
Our client had multiple cashflow facilities with multiple providers. He had experienced delays in debtor payments and fell behind on his re-payments. One of the private lenders was about to appoint a receiver. As our client operated a large business in the construction space this was an unacceptable outcome. The client required funds in 7 business days.
The Solution
NWC secured our position via 1RM and 2RM over a number of Properties, Plant and Equipment, a GSA over the construction company and the client’s collection of exotic vehicles.
The Outcome
NWC was able to provide a single facility which allowed our client to repay all private debts and provide cash out to assist our client in trading out of his dilemma. They were able to repay the NWC debt by selling some assets at market value, business trading and refinance. The business went to experience substantial growth through new contracts and moved into a better financial position.
$7m Short Term Construction Funding
The Situation
The borrower approached NWC Finance as they required urgent finance to assist with the completion of a 20-townhouse project located in Melbourne. The project was running over the projected construction timeline and an investor required funds for another project. At the time our client utilised funds they had on hand to pay out the partner. However, as the project was nearing completion the payout had depleted the clients cashflow, putting a hold on the project. The borrower attempted but could not secure funding from other lenders due to the urgency and nature of the funds required. The clients required the funds within 8 days.
The Solution
NWC Finance was able to identify the shortage in funding and value in the completed project. NWC Finance successfully assisted by paying out the encumbered lender and advancing funds to complete the project via a progress drawdown facility within 6 days of receiving the application.
The Outcome
The borrower was able to complete the project, gain Occupational Certificates and settle on their pre-sales after 3 months. As settlements occurred the sales proceeds were used to reduce the debt until the clients refinanced the remaining unsold stock into a residual stock facility with a tier one lender.
$6.5m Notice to Complete
The Situation
The client optioned 3 properties in Sydney's North Shore and were receiving a funding facility with a Major bank two months prior to settlement. 7 days before settlement the client was informed by the bank that the settlement deadline would not be met. When the clients came to NWC, after approaching numerous other financial institutions, they were already under a Notice to Complete and urgently needed to settle within 3 days. If the client did not settle, they stood to lose their deposit, all the funds contributed in obtaining a DA approval and any development profit.
The Solution
NWC Finance was able to indicatively approve the transaction within 1 hour of receiving the application. Clients executed all relevant documentation, same day as receiving the application. They were provided with clear and concise instructions on what the process was and what was required, during which time NWC undertook due diligence, instructed valuations on all properties and instructed legal documentation to be prepared.
The Outcome
Within 2 days of the initial application, NWC Finance secured their position via 3 registered first mortgages allowing the client to meet their settlement deadline.
The client refinanced after a week to the intended major bank facility once they were ready.
The client was able to successfully complete their development and realise a substantial profit which was helped through optioning and purchasing the site at a great price.
$54M Development Site Amalgamation
The Situation
Our client had optioned 16 commercial properties over various months in order to amalgamate and place a DA on the site. The properties all settled at various times over a period of a year. The client’s main objective was to work with a funder, who could fund a transaction of this size and who could provide a guarantee of funds on settlement in order to meet the option deadlines. Each option had a settlement deadline of 72 hours.
The Solution
NWC understood the value of each individual property and the value of the combined site on completion. NWC met all the deadlines and provided funds on all the properties market values, not the option price as common practice within the market.
The Outcome
NWC Finance was able to conceptualise the client’s vision and long-term strategy. Through our belief in the client and the project we were able to mitigate some risks that normally would not be looked past. The client settled on all the properties and acquired Development Approval on the site, enabling them to on sell the amalgamated site at a profit.
$700,000 Plant and Equipment purchase
The Situation
The client owns a mining company and was in urgent need of funding to purchase a Horizontal Grinder valued at $700,000.00. The client had secured a huge mining contract and needed the machine on site urgently to ensure they fulfilled their requirements of the contact. The client tried to source funding from traditional leasing companies however they were too slow for the client.
The Solution
NWC Finance secured the loan via PPSR charge over the new Horizontal Grinder and two caveats, one on a vacant piece of land and an investment property.
The Outcome
The client received the funding within 48 hours and fulfilled their contract requirement. The client refinanced with a traditional leasing company.
$9,500,000 Receivership
The Situation
Our client was a prominent developer that ran multiple development projects concurrently. The client was slow in paying their progress payments and the creditors/suppliers, demanded that all accounts be settled. One supplier took an aggressive position and appointed a receiver, this triggered a chain reaction that led to our client defaulting on their development facilities.
This meant that all projects were in jeopardy as well as the developers principal place of residence, which was used for collateral for one of the construction facilities.
The Solution
Within 48 hours the “appointed receiver” allowed NWC to refinance the required existing debt of the development company, thus allowing both the receiver and original funder to retain their outstanding debts.
The Outcome
NWC gave the development company the necessary “breathing space” to put a stop to severe and escalating cost of the receiver. The client was then able to sell off the asset at market price rather than liquidation price to clear debts and continue operations of his business.
$13.5m Short Term Refinance
The Situation
The client approached NWC Finance to assist with an urgent refinance of an existing private loan which was secured by an Office Building located in Sydney. The encumbered financier was not providing the client with any leniency and if the facility was not refinanced within 72 hours the client would be in default and further action taken.
The Solution
NWC Finance was able to complete its due diligence on the asset, the client, the guarantors and issue mortgage documents within 24 hours. NWC Finance was able to finalise the settlement in just over 36 hours for the client, from the initial application.
The Outcome
The settlement assisted the client in avoiding a default situation and they were able to continue with their business while waiting for a mainstream refinance.
$1.5m Second Mortgage
The Situation
A recent client urgently needed $1.5 million to invest in a development site in Adelaide. The client tried to get an increase in their existing facility through their financial institution, however, with a cumbersome process in front of them timing was not on their side. With time restrictions to complete the investment and traditional lenders not being able to assist, the client turned to NWC Finance for settlement within 5 days.
The Solution
NWC Finance utilised the client’s existing property as security, securing our position via a registered second mortgage behind their existing tier one mortgage provider.
The Outcome
NWC Finance was able to obtain second mortgage approval and required information from the first mortgage provider within 48 hours. NWC Finance settled via Caveat after 3 days, while the first mortgage provider went through their internal procedures in order to provide us with a deed of Priority (DoP). The settlement allowed the client to complete a financial opportunity within a short period of time which other lenders could not.
$25m Short Term Funding
The Situation
Our client approached us requiring $25m in urgent funds as their first mortgage had pulled their loan (one of the investors wanted their money back).
The Solution
NWC Finance conducted all the required due diligence and lent the full $25m secured via a first mortgage over a site that the client was developing in Victoria plus a second mortgage secured over another completed development site.
The Outcome
The client was able to repay the investor and continue with their project. The exit was from the sale of the clients assets.
$2M GST Funding
The Situation
Our client was a property investor with substantial experience and a property portfolio, being asset rich and cash flow poor. The client had purchased a substantial property but did not have the necessary funds to cover the GST on settlement and was unable to draw extra funds from his bank due to an outstanding ATO debt. The client’s situation required a settlement deadline within 5 days.
The Solution
NWC utilised the clients NSW property portfolio to raise the required $2M via a mix of registered 1st and 2nd mortgages. The client explained to us how they incurred the ATO Debt and their plan for repaying it. NWC Finance was happy with the explanation and were satisfied with the client's strength of character and overall asset position. Their A&L statement demonstrated the clients experience, capabilities and overall strength to manage debts deeming the risk mitigated.
The Outcome
In 4 days NWC settled the transaction allowing the client the ability to pay the required GST, settle on the property and obtain their GST reimbursement in order to repay NWC’s debt. By retaining a strong credit profile, the client was able to continue seeking funding without any obstacles.
$1M Wind-Up Notice
The Situation
Client owns a successful Freightliner Business, however, was issued a wind-up notice by the ATO for an unpaid tax debt, which the client was unaware of. Client required settlement within 24 hours.
The Solution
NWC Finance lent $1,000,000 secured by cross collateralising the client’s unencumbered trucks and trailers and the “good will” of the business.
The Outcome
The client was able to pay the ATO debt and continue trading without the closure of the company and liquidation of the company’s assets. The client repaid the NWC facility via Lease back through a traditional leasing company.
Product Guide
1st Mortgages
- > Loans from $50k to $50m
- > Up to 70% LVR Maximum
- > Interest from 1% per Month
2nd Mortgages
- > Loans from $50k to $50m
- > Up to 70% LVR Maximum
- > Interest from 1% per Month
Cash Advance
- > Loans from $50k to $50m
- > Up to 60% LVR on wholesale value
- > Interest from 1% per Month
Plant & Equipment
- > Loans from $50k to $50m
- > Up to 70% LVR Maximum
- > Interest from 1% per Month
Minimum Term of 30 days – Maximum Term of 6 Months with roll-over – Interest can be capitalised within LVR guidelines – All Australian locations considered for 1st and 2nd mortgages and Plant and Equipment security
Let’s talk
To learn more about our immediate finance and short term funding solutions, please contact us on 02 9223 7181 or email us at info@nwcfinance.com.au.